While it may seem like a no-brainer to take care of hiring internally, many companies find that this can cost them more money, take longer, and may result in lower-quality candidates.
This isn’t a new challenge for businesses.
It’s even more difficult now due to smaller teams, leaner organizations, and a historical candidate shortage (due largely in part to retirements).
When it comes to money and time, loss of cash flow can have an immense impact on your business. One way to reduce hiring costs while keeping your business productive is partnering with a trusted recruiting firm for IT consultants.
An effective IT staffing partner will decrease time and financial expenditures while bringing in quality tech talent.
The 3 risks of managing hiring in-house
Increased turnover
While it may seem easier and more cost-effective to handle hiring internally, studies show this may result in lower-quality tech candidates and hires who are not the right fit for the role. A single bad hire can impact team morale and ultimately increase employee turnover.
One study found that the average cost to replace just one employee can have a huge financial impact on your business:
- 100%-150% of an employee’s salary for technical positions
- Up to 213% of an employee’s salary for C-suite positions
Loss in productivity
When companies handle hiring internally, the responsibility often falls on a current employee — all while continuing to do their “day job”. Inevitably, this requires a significant investment of their time, as broken down below:
- Choosing where to spend money to post the position. There are several sites candidates use to job hunt. Which ones are best? It takes time to do the research and decide which sites make the most sense for your role(s). But in our experience? You won’t even find them on job boards, especially if you’re not offering a permanent position. Time: 3-4 hours
- Posting the job. From crafting the job description to going through the steps to post it, it’s not as simple as one click of a button. Time: 1 hour
- Applicant review. The employee will be weeding through hundreds of applicants and resumes in hopes of finding a needle in the haystack. And while posting the job to various online boards may garner several hundred applicants, it still doesn’t guarantee finding the perfect match. In fact, in today’s job market, the “spray and pray” method is just one tool in the recruitment arsenal, not the only tool. Time: 20 hours (based on 300 connections)
- Interviewing. Scheduling and conducting interviews, reference checks, and required pre-screenings. Time: 20 hours
Total time: 45 hours
Significant financial investment
The cost of a new hire does not stop with getting them interviewed, onboarded, and paid. You’re adding another person to your payroll and benefits.
By passing the hiring off to a trusted IT staffing partner, you could then focus valuable time on efficiently operating your business.
True cost savings when partnering with tech recruiters
Time = Money
As demonstrated above, there’s a long checklist that needs to be completed before a new hire even begins working.
Artemis handles the time-consuming tasks of combing through candidates, screening, interviewing, and preparing candidates for the position — all while you are focusing on your core business.
Recruiting firms often fill vacant positions faster than you expect. With our established network of high-quality and senior level candidates, Artemis can deliver niche IT professionals who are ready to start in 48 hours or less.
“Try before you buy” a candidate before you commit
If for some reason a candidate doesn’t work out, you can ask your recruiting partner to end the assignment, and you won’t be responsible for unemployment or the necessary paperwork to let them go.
Artemis vets every IT Consultant for a technical fit and cultural fit, so you can feel confident that they will mesh well with your team from Day 1.
But if they don’t work out? You won’t pay until we find someone who does. We’re committed to bringing you the right talent the first time. In fact, Artemis proudly maintains a 95% retention rate for their sourced candidates.
Lower overhead costs
For contract and direct-hire workers, recruiting firms can offer significant financial savings when it comes to the employer costs that you’d normally provide to employees.
A recruiting partner is responsible for:
- Health benefits
- 401k
- Sick days/PTO
- Workers compensation
- Unemployment
- All employer taxes
The Takeaway
Time. Money. Turnover. Productivity.
When it comes to handling hiring internally, there are many more hidden costs than simply posting the job and the employee’s salary. Shift the time, costs, responsibility, and headaches of hiring to our recruiting experts.
When you trust Artemis with hiring, you can be confident that we will find the talent that is the right match for your business. Tech recruitment is our specialty, so you can focus on your important projects.
Let’s schedule a meeting to discuss how a partnership can help you achieve your business goals while saving valuable time and money.
